SEND INQUIRIES
It is a known fact to many that US has filed case against china for the alleged outbreak of Covid-19 in US and amount of claim is 20 trillion US dollars. Fun facts is China’s GDP as on 2019 was 14.3$ trillion US dollars. So technically, US has claimed whole china from China. Now the…
It is well known Principal that if a taxpayer delays in payment of any statutory tax then interest liability is charged on the amount of tax outstanding. Under GST the same principal may be applicable. However, for each tax period the taxpayer has to calculate GST Tax Liability and the same is derived by: –…
On 25th February 2020 Ministry of Corporate Affairs has notified Company (Auditor’s Report) Order 2020, which supersedes CARO 2016. Therefore, from Financial year 2019-20 CARO reporting requirement should be as per CARO 2020. What is the Applicability of Company (Auditor’s Report) Order – CARO – 2020? The CARO – 2020 is applicable to all the…
Apparently, it may appear that whatever input tax credit incurred by the taxpayer shall be allowed as credit i.e. it is claimable. However, as per GST Law there are certain provisions which restrict the claim of input tax credit. The restriction in claiming input tax credit can be categorized into two head, namely: Apportionment of…
Failure on linking pan with aadhaar card application CENTRAL BOARD OF DIRECT TAX NOTIFIES COMPULSORY LINKING OF AADHAAR CARD WITH PAN NUMBER BY 31ST JANUARY 2020 The Central Board of Direct Tax has issued a notification on 13th February 2020, which specify that if PAN number is not linked with Addhar Card Number by 31st…
If your yearly turnover is less than 1.5 Crores, then there is simplified taxation scheme under GST which prescribe simplified tax calculation and simplified compliance procedure. This article will help you to get basic understanding of the scheme. However still if you have any queries for the scheme you may email it on our email…
Composition Scheme and scheme notified by through notification no. 2/2019 CT(Rate) dated 7-3-2019 are scheme framed by government for small tax payers having turnover of INR 1.5 Crores in the preceding financial year. The accounting entries for this kind of scheme will be different as certain restriction are imposed in the scheme, the dealer under…
The Central Board of Indirect Tax and Customs have extended the due dates of filing of GSTR-3B for taxpayers whose aggregate turnover is less than or equal to Rs 5 Croresin Previous Financial year. The time lines notified is effective for the period of January 2020, February 2020 and March 2020. The due date extended…
CRITERIA FOR COMPANY REGISTRATION All the Company incorporated under Companies Act 2013 shall be registered Company. Please find below mentioned conditions/pre-requisite for registration of Private Limited Company: – Minimum number of shareholders in case of Private Limited Company is two and maximum is 200. Minimum Paid up Capital shall be Rs 1 Lakh for registration…
Requirements for GST Registration GST Turnover Limit Goods Suppliers (except Supplier of ice cream or other edible ice products, Pan masala and tobacco and manufacture tobacco substitutes): If a person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. However,…